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Colombia Presents 2024 Budget Proposal

Colombia’s government presented its budget proposal for 2024 to Congress on Saturday. The proposal, worth 502.6 trillion pesos ($127.8 billion), costs 19% more than this year’s budget, the country’s finance ministry stated.

94.52 trillion pesos have been allocated to debt servicing, with a further 97.75 trillion pesos for new investments. The government allocated 70.5 trillion pesos for education, health, drinking water, and other general purposes, while 57.4 trillion pesos have been planned to support the state pension system.

President Gustavo Petro, Colombia’s first leftist president, has pledged to introduce a slew of social and economic reforms across several sectors including healthcare and labor. While his proposed labor reform bill was rejected by Congress, the government plans to reintroduce it.

The Autonomous Fiscal Rule Committee (CARF) has warned that such reforms could result in higher costs while risking noncompliance with the fiscal rule.

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